The insurance sector is providing a rare bright note amid the pandemic-driven downturn. Continued growth in Hong Kong has resulted in a hiring spree recently, even as many other industries have been recording layoffs of different degrees.
While the market in Hong Kong is mature with limited room for growth, there remains tremendous potential for insurance firms to expand across the border, particularly within the Greater Bay Area (GBA).
In a recent boost to the sector, the China Banking and Insurance Regulatory Commission (CBIRC) has relaxed regulations to allow foreign investors to operate more freely and increase their market footprint in the Mainland. Moreover, an "Insurance Connect" scheme is expected to be the next major step in the financial integration of the GBA, following the launch of Connect schemes for stocks, bonds and wealth management.
To learn more about this growing sector in the GBA, the Chamber is delighted to have invited three industry experts to share with members their insights on the development and opportunities of the insurance sector in the GBA at a 16 September webinar.